A bill of rights for credit card users

A Wisconsin Congressman wants more protections for credit cardholders.

Congressman Dave Obey (D-WI) says credit card companies are taking every chance they can to "bleed" consumers with fees, rate increases, and other "nickel and dime" operations.

Obey is co-sponsoring federal legislation that creates a Bill of Rights for consumers. The measure would help protect them from hidden fees and arbitrary interest rate increases. Obey says there need to be limits on the way companies can "jerk" consumers around.

Obey says the bill is intended to end the unfair and abusive practices of some credit card companies. He says there needs to be a serious discussion on the issue to show Congress wants change.